Mumbai: Automobile major Mahindra & Mahindra (M&M) on Friday reported an increase of 24.79 per cent in its standalone net profit for the second quarter (Q2) of 2017-18.
According to the company, its standalone net profit during the quarter under review increased to Rs 1,331.57 crore from Rs 1,067.03 crore reported in the corresponding period of 2016-17.
Similarly, the company’s standalone revenue from operations increased to Rs 12,182.07 crore from Rs 11,446.14 crore earned during Q2 of last fiscal.
Further, the company’s Board of Directors recommended issue of bonus “Ordinary (Equity) Shares” in proportion of 1:1, which is equal to one bonus “Ordinary (Equity) Share” of Rs 5 each for every one fully paid up “Ordinary (Equity) Share” of Rs 5 each, subject to necessary approvals.
“India has seen macro-economic stability with low inflation and steady push to the reforms momentum. Green shoots of economic recovery will likely become visible in the latter half of the year. Growth momentum is likely to witness a cyclical bounce-back once the effects of some of the recent transient factors fade away and the economy adjusts to GST implementation,” the company said in its outlook.
“Inventory restocking, a normal monsoon and the lagged effect of past interest rate cuts will continue to provide a fillip to growth going forward.”